An interesting article explaining Bitcoin as a Ponzi scheme
While markets are prepping for the central bank bonanza to come, here's a relatively interesting piece to ponder upon on how other people may view Bitcoin.
Bitcoin and its imitators are a zero-sum game in which the sum of all fiat currency paid for it is the sum of all fiat currency received for it, excluding mining costs. The earlier participants are now cashing out the billions that newcomers are putting into this distributed Ponzi scheme. Play it for entertainment value if you want, but remember that you are purely betting on the greater stupidity of others.
I like how they describe the lack of a Bitcoin chart/picture though:
Bitcoins are just 256-bit sequences of 1s and 0s, or 32-byte numbers. Nothing more than that. When the market crashes, you can't melt them down or use them as jewellery or for electrical circuits. You can just print them out and wonder why you paid so much for a collection of 1s and 0s.
"Hi, I'm physical Bitcoin. I'm just a promotional gimmick".
